We’ve mentioned that your brand is your business’s “personality” (see: Three reasons why branding is important for any brand). Everything from what it looks like to what it represents and how it functions. Like any evolving person, or personality, a business also evolves and therefore so does a brand. When is it time to face the facts and acknowledge that your company has outgrown your brand, that it’s message or purpose has developed? Rebranding is not necessarily the outcome of a company’s shortcomings, even the most successful companies rebrand eventually. The key is knowing if the timing is right.
So, how do I know it’s time to rebrand?
- When Your Branding is Outdated: Although a company’s brand reaches far beyond its logo and name, these can be the most recognizable ambassadors of your business. If your logo has an outdated font or color palette it may be time to reconsider a rebrand in design. If your name no longer reflects your company’s mission or if there’s some way to shorten it and update it, you may consider rebranding in this case too. You want to make sure your logo and name are neither too narrow nor too general for your business, allowing for simple updates in look and design, so that your company doesn’t lose too much of its own essence in an update—particularly if you’ve built up a strong brand with a good reputation already, you don’t want to start from zero.
- When Your Reputation has Suffered a Blow: In the case that your business has suffered a blow in reputation, a total overhaul can give your customers the chance to see your business in a new light. If you see that PR strategies and other marketing attempts to reestablish your company’s reputation are not working, this may be the moment to reconsider your message, policies, and design.
- When You Need to Differentiate from the Competition: If your company name, logo, or look is too similar to that of the competition, you may not be standing out as much as you want to. If your business is growing, and you begin to see that this is the case, rebranding may be a good idea for you. Consider showcasing what makes your business different, better, and unique compared to the competition, consider logos, names, and policies that really stand out.
- When Your Business Evolves: Circling back to what we mentioned at the beginning, businesses evolves. It therefore makes sense for their branding to evolve along with it. If, for instance, you’ve discovered the opportunity to enter into a new market, it might make sense for your to rebrand (perhaps just a certain product) specifically for that market!